PowerUp Acquisition Corp. Announces Postponement of Extraordinary General Meeting of Shareholders
PowerUp Acquisition Corp. (Nasdaq: PWUP) has postponed its extraordinary general meeting of shareholders from May 17, 2024, to May 21, 2024, at 9:00 a.m. Eastern Time. The meeting will ask shareholders to vote on extending the deadline to complete an initial business combination from May 23, 2024, to February 17, 2025. The location, record date, and purpose of the meeting remain unchanged. Shareholders now have until 5:00 p.m. Eastern Time on May 17, 2024, to submit their shares for redemption and may withdraw previously submitted requests by contacting the transfer agent.
- Postponement allows shareholders more time to make informed decisions.
- Extension of redemption deadline provides flexibility for shareholders.
- The proposal intends to extend the business combination deadline, potentially providing more time to find a suitable acquisition.
- Delays in meeting could signal organizational or strategic issues.
- Prolonged time to consummate business combination may impact investor confidence.
- Postponement could lead to uncertainty among shareholders.
New York, NY, May 16, 2024 (GLOBE NEWSWIRE) -- PowerUp Acquisition Corp. (the “Company”) (Nasdaq: PWUP) announced today that its extraordinary general meeting of shareholders (the “Meeting”), which was originally scheduled for May 17, 2024, has been postponed to 9:00 a.m. Eastern Time, on Tuesday, May 21, 2024. At the Meeting, the Company’s shareholders will be asked to vote on a proposal to approve, among other things, extending the date by which the Company must consummate an initial business combination from May 23, 2024 to February 17, 2025. There are no changes to the location, record date, purpose or any of the proposals to be acted upon at the Meeting.
As a result of this change, the Meeting will now be held at 9:00 a.m. Eastern Time on Tuesday, May 21, 2024, and the Company has extended the deadline for holders of its ordinary shares to submit their publicly held shares for redemption to 5:00 p.m. Eastern Time on Friday, May 17, 2024. Shareholders who wish to withdraw their previously submitted redemption requests may do so by contacting the Company’s transfer agent prior to this deadline.
If shareholders have any questions or need assistance, please contact the Company’s proxy solicitor, Issuer Direct Corporation, at:
Issuer Direct Corporation
One Glenwood Ave, Suite 1001
Raleigh, NC 27603
(919) 481-4000
proxy@issuerdirect.com
About PowerUp Acquisition Corp.
PowerUp Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The management team is led by Mr. Surendra Ajjarapu, Chief Executive Officer.
Advisors
Dykema Gossett, PLLC serves as legal counsel to PowerUp Acquisition Corp.
Participants in the Solicitation
The Company and its directors, executive officers, other members of management and employees may be deemed participants in the solicitation of proxies from the Company’s shareholders with respect to the Meeting, the proposals, and related matters. Information regarding the Company’s directors and executive officers is available in Company’s Definitive Proxy Statement on Schedule 14A filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”) on April 26, 2024 (the “Proxy Statement”). Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests are contained in the Proxy Statement.
No Offer or Solicitation
This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Additional Information
The Company has filed a Proxy Statement with the SEC in connection with the Meeting and, beginning on or about May 1, 2024, mailed the Proxy Statement and other relevant documents to its shareholders as of the April 2, 2024 record date for the Meeting. The Company’s shareholders and other interested persons are advised to read the Proxy Statement and any other relevant documents that have been or will be filed with the SEC in connection with the Company’s solicitation of proxies for the Meeting because these documents contain important information about the Company, the proposals, and related matters. Shareholders may also obtain a free copy of the Proxy Statement, as well as other relevant documents that have been or will be filed with the SEC, without charge, at the SEC’s website located at www.sec.gov or by directing a request to: PowerUp Acquisition Corp., 188 Grand Street Unit #195, New York, NY 10013, Attention: Mr. Suren Ajjarapu.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding the meeting and related matters, as well as all other statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the SEC. All subsequent written or oral forward-looking statements attributable to the Company or persons acting on its behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the “Risk Factors” section of the Company’s Annual Report on Form 10-K, subsequent quarterly reports on Form 10-Q and initial public offering prospectus. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Corporate Contact:
Suren Ajjarapu
Chairman and Chief Executive Officer
Suren@SRIRAMAAssociatesLLC.onmicrosoft.com
347-313-8109
FAQ
When is the rescheduled date for the PowerUp Acquisition Corp. shareholders meeting?
What is the reason for the PowerUp Acquisition Corp. meeting postponement?
What proposal will be voted on at the PowerUp Acquisition Corp. meeting?
What is the new deadline for submitting shares for redemption for PowerUp Acquisition Corp. shareholders?
How can PowerUp Acquisition Corp. shareholders withdraw their redemption requests?
